As a complex multiphase food, ice cream is composed of fat globules, bubbles and ice crystals dispersed in a semi-frozen solution. The fat content is usually 8%~16%, which plays an important role in the ice cream system. However, excessive fat intake can have a negative impact on health, so the use of fat substitutes to replace part or all of ice cream fat has become a research focus. This paper reviewed the research progress of fat substitutes in ice cream by domestic and foreign scholars in recent years, and focused on the introduction of different types of fat substitutes, as well as the effects on the physicochemical and sensory characteristics of low-fat ice cream. The applications were summarized and the future research direction and focus were also prospected.